Terra Luna Classic Proposal Seeks to Burn 900 Million LUNC Tokens from Community Pool
A proposal has been put forward by the Terra Luna Classic community to burn all of the Terra Luna Classic (LUNC) tokens from the community pool. These tokens were reminted from the LUNC burn mechanism of the crypto exchange Binance. Initially, Binance had contributed 100% of the LUNC burn, but later reduced it to 50% upon discovering that the burned LUNC was being reminted and added to the community pool for developers.
The proposal, numbered 11582 and titled “Burn All the Lunc Reminted From Binance Customers’ Fees to Date,” aims to burn a total of 899,224,538.5 LUNC from the community pool. However, the community remains divided on the matter. Some argue that burning such a large amount of LUNC from the community pool, especially while important proposals are still under discussion, would be a detrimental move. On the other hand, proponents believe that LUNC should be burned immediately, albeit in smaller weekly amounts, as it is the morally correct action to take.
In the current voting stage, the proposal has received 42% “Yes” votes, while 58% voted “No with veto.” This indicates that the community believes burning all LUNC tokens from the community pool would have an impact on spending proposals. Currently, only two validators, namely JESUSisLORD and Classy’s Sphere, have expressed their support for the proposal, while validators such as Happy Catty Crypto, T.MOM, and MoonRunners have rejected it. The votes of top validators are still pending.
Classy Crypto from Classy’s Sphere validator has suggested an alternative approach. He tweeted that the community pool currently holds over 3 billion LUNC in spend proposals, with 2.2 billion LUNC in the pool. Classy Crypto proposes a weekly burn of 50 million LUNC as a gesture of Binance’s contribution to the LUNC burn campaign.
The Terra Luna Classic community has burned a total of nearly 65 billion LUNC tokens so far, with the burn rate increasing significantly. Various projects and validators have been actively contributing to the LUNC burn.
Binance has contributed 51% of the total burn, amounting to 32.93 billion LUNC. The community anticipates a substantial burn in the upcoming batch of Binance’s LUNC burn mechanism.
Over the past 24 hours, the price of LUNC has experienced a 1% increase, with the current trading price at $0.000091. The 24-hour low and high for LUNC are recorded at $0.0000904 and $0.0000948, respectively. Additionally, the trading volume has risen by 65% in the past 24 hours, indicating an increase in interest.
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